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All Banks Submit Information to the NBU Credit Register
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All banks
submit information to the NBU Credit Register under the Law of Ukraine On
Amendments to Certain Laws of Ukraine on Establishing and Maintaining of the
Credit Register of the National Bank of Ukraine and Improving Credit Risk
Management of Banks, starting from 1 September 2019. The NBU exercises
constant control over the compliance of banks with the current legislation
regulating the functioning of the Credit Register and verifies the relevance of
the submitted data. Today in the NBU
Credit Register includes information on more than 80 thousand borrowers -
individuals (53.2 thousand) and legal entities (27.2 thousand). “More complete
Credit Register database improves the efficiency of credit risk assessment by
banks and thus, ensures that the loans are provided to honest borrowers, that
ultimately will have positive effect on resumption of lending,” said Natalia Dehtiariova, NBU Banking Supervision Department. Starting from 1
September 2018, banks were given the opportunity to receive information from
the NBU Credit Register. Starting from 1 January 2019, requirements of Section
I paragraph 2 subparagraph 2 of the Law entered into force to allow banks use
Credit Register data for credit risk assessment. After the procedure for
the use of Credit Register data is defined, banks will be able to test it in
credit risk assessment during the trial period. The NBU is
continually taking measures aimed at ensuring the timely update of the
technical issues of the Credit Register operation. Thus, in 2018, the Specifications
of banks` submission to the NBU of a report on bank`s lending transactions with
individual and corporate borrowers and the maintenance of the NBU Credit
Register was improved, as well as the software. It enables to improve
search engines for receiving information from the Credit Register. For
reference: As a side note,
the Law of Ukraine On Amendments to Certain Laws of Ukraine on Establishing
and Maintaining of the Credit Register of the National Bank of Ukraine and
Improving Credit Risk Management of Banks came into effect on 4 March 2018.
Under this Law, the NBU has established the centralized Credit Register that
stores all information on borrowers’ credit operations carrying more than 100
minimum wages in debt to a single bank. Submission of data
on individual biorrowers by banks to Credit Register
is carried out under laws of Ukraine, in particular in compliance with the Law
of Ukraine On Protection of Personal Data. Borrowers whose
data were submitted to the Credit Register are also entitled to receive
information about themselves from this register and, if they disagree with its
content, to request changes to the information. Currently, web services of the Credit Register operate
24/7. |